Major changes are being made to the structure of Monetary Authority of Maldives (MMA), where five Managing Directors are to be appointed.

A senior MMA official told One Online today that the board approved the changes to make the bank a modern central bank and a well performing bank. The changes will strengthen the MMA's efforts and facilitate better results, they said.

With the change, the post of Assistant Governor has been changed to the post of Managing Director. There will be five managing directors from five sectors, while the existing assistant governors have been promoted to advisors.

The official said the newly opened Managing Director post will have two five-year terms, in order to expand opportunities for educated and experienced people working in the MMA and outside of MMA as well.

The opportunity to apply for the positions will be open to those working in the MMA as well as the public, the official said, adding that this will open up new opportunities for the existing candidates and technically qualified candidates to enter the MMA.